Amex Cash Magnet Payoff Calculator 2026

Card data, May 13, 2026

• Issuer: American Express
• Network: Amex (proprietary)
• Card type: Revolving credit card
• Purchase APR: 20.24-29.24% variable
• Annual fee: $0
• Balance transfer intro APR: 0% for 15 months
• Balance transfer fee: 3% of each transfer, $5 minimum
• Rewards: 1.5% cashback on every purchase, no caps, no rotating categories
• Cashback redemption: statement credit (“Reward Dollar”), $25 minimum
• Late fee: up to $40
• Foreign transaction fee: 2.7%
• Penalty APR: up to 29.99%
• Minimum payment formula: 1% of balance plus interest and fees, $40 minimum
• Typical FICO floor: 670

Source: Cash Magnet terms, verified 2026-05-13.

TL;DR

The Cash Magnet is Amex’s answer to the Capital One Quicksilver and Wells Fargo Active Cash, but at a lower headline rate (1.5% vs 2% on Active Cash and Citi Double Cash). Its only structural advantage over those competitors is access to Amex’s purchase protections and the Membership Experiences program; for revolvers, the rate difference does not move the math.

Math worked example

$5,000 balance at 24.74% APR (midpoint of range), various payment levels:

• $150 per month: 50 months, $2,235 interest, total cost $7,235
• $200 per month: 31 months, $1,492 interest, total cost $6,492
• $300 per month: 19 months, $911 interest, total cost $5,911
• $500 per month: 11 months, $521 interest, total cost $5,521

At the 1.5% cashback rate, a $5,000 annual spend produces $75 in rewards. Even with full $25,000 in spend (at the average U.S. household level), rewards top out around $375 a year against $1,500-plus in interest on a carried balance.

Run your specific Cash Magnet numbers

The pillar tool accepts the Cash Magnet APR. Pull your specific Purchase APR from your statement and enter it. The output gives months to payoff and total interest, exclusive of any new spending.

Cash Magnet vs 2% no-fee competitors

For domestic-only spending, Double Cash or Active Cash wins on the rewards rate. For international spending, Quicksilver wins on foreign transaction fees. The Cash Magnet is the middle option without a clear category win, except for users who specifically want an Amex card and have no use for transferable Membership Rewards (which the Cash Magnet does not earn; it earns straight cashback only).

15-month 0% intro APR balance transfer math

$5,000 transferred to the Cash Magnet at 3% fee ($150) and 0% APR for 15 months:

• Pay $333 per month: $5,000 cleared, $150 fee, total cost $5,150
• Versus carrying at 24.74%: savings of about $1,200 in avoided interest

After the 15-month intro period, any remaining balance reverts to the standard variable APR.

Avalanche priority

The Cash Magnet APR (20.24-29.24%) overlaps with most credit cards. Whether it leads your avalanche order depends on your specific rate versus other cards. If your specific rate is 27% or above, this card is almost certainly your highest-APR card and the avalanche priority.

Why this card has no rotating categories

The Cash Magnet competes in the “set and forget” no-fee tier. Amex offers separate cards for category bonuses: the Blue Cash Everyday (3% groceries, gas, online retail with caps), the Blue Cash Preferred (6% groceries, 3% gas, 6% select streaming), and the Gold (4x dining and supermarkets). The Cash Magnet sits where flat 1.5% on all spend is the simplest answer.

Should you keep Cash Magnet during payoff?

The Cash Magnet has no annual fee, so there is no carrying cost. Three rules during payoff:

1. Pay extra on this card only if its APR is your highest.
2. Stop new spending on it while carrying a balance. New purchases lose the grace period and accrue interest from day one.
3. Keep the account open even after you transfer the balance out. The available credit helps utilization on remaining cards.

Cashback redemption mechanics

Reward Dollars accrue automatically on every purchase and can be redeemed for statement credit once the balance reaches $25. There is no expiration as long as the card is open and in good standing. If you close the card, any unredeemed Reward Dollars are forfeited; redeem before closing.

Sibling Amex cashback cards

• Amex Blue Cash Everyday payoff calculator
• Amex Blue Cash Preferred payoff calculator
• Amex EveryDay payoff calculator

Other flat-rate cashback cards

• Citi Double Cash payoff calculator
• Wells Fargo Active Cash payoff calculator
• Capital One Quicksilver payoff calculator

Related

• Credit card payoff calculator (home) , pillar tool
• Credit card payoff by card type , full hub
• Balance transfer calculator

Frequently asked questions

What is the APR on the Amex Cash Magnet Card?

The variable Purchase APR is 20.24-29.24% as of May 13, 2026, per American Express pricing. Your specific rate was set at application based on credit profile and prime rate at the time. New applicants receive a 0% intro APR on purchases and balance transfers for the first 15 months. The post-intro rate floats with the prime rate published by the Federal Reserve under H.15.

Does the Amex Cash Magnet have an annual fee?

No, the Cash Magnet carries a $0 annual fee. There is no cost for adding authorized users either. The trade-off is a 1.5% flat cashback rate (lower than competitors at 2%) and the 2.7% foreign transaction fee, which makes the card a poor choice for international spending. For a paid-in-full domestic user, the no-fee structure means rewards minus zero equals net cashback.

How does the Amex Cash Magnet cashback redemption work?

Cashback accrues as “Reward Dollars” at 1.5% on every purchase, with no caps and no rotating categories. Once you accumulate $25 in Reward Dollars, you can redeem them as a statement credit through your online account. There is no expiration as long as the card stays open and in good standing. If you close the card, unredeemed Reward Dollars are forfeited, so redeem before any closure.

Can I do a balance transfer to the Amex Cash Magnet?

Yes, for new applicants. The intro offer is 0% APR on balance transfers for 15 months with a transfer fee of 3% of each transfer (5 dollars minimum). After 15 months the variable purchase APR (20.24-29.24%) applies to any remaining balance. Amex does not offer public 0% balance transfer promos to existing cardholders, so the 0% rate is application-time only.

What is the minimum payment on the Amex Cash Magnet?

Per the Cardmember Agreement, the minimum payment is roughly 1% of the new balance plus billed interest and fees, with a $40 floor. Paying only the minimum on a $5,000 balance at 24.74% APR keeps you in debt for over 19 years and costs more than $7,400 in interest. The disclosed time-to-payoff appears on every statement under the CARD Act minimum-payment warning box.